Home prices in May versus April showed increases of 2.5 percent and 2.4 percent for the 10- and 20-city composites, as measured by the S&P/Case-Shiller Home Price Indices, bringing them to their best year-over-year gains since March 2006.
"Home prices continue to strengthen," said David M. Blitzer, chairman of the index committee at S&P Dow Jones Indices, in a statement. "Two cities set new highs, surpassing their pre-crisis levels and five cities-Atlanta, Chicago, San Diego, San Francisco and Seattle-posted monthly gains of over three percent, also a first time event." Dallas and Denver were the cities that set new highs.
All 20 cities measured on the index showed gains compared with May 2012 and the previous month, but Cleveland and Minneapolis showed slight decreases after the numbers were seasonally adjusted. The strongest gains were in San Francisco, Las Vegas and Phoenix.
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